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Issuers struggle over what concessions investors will require
Issuance in March was never going to be hefty after a record start to the year
Government borrowing costs are rising on local and international markets, and credit ratings are falling
Sovereign also added $300m to a long-dated dollar note
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Colombia’s finance ministry said on Wednesday evening that it had taken the “first step to entering the bond market for sustainable development” after Congress approved the issue of thematic bonds. -
The Dominican Republic refinanced the bulk of its 2021 bond maturities on Monday with a tap of its 12 year bonds that took international issuance from Latin American sovereigns to record annual volumes.
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Paraguayan beef exporter Frigorífico Concepción held calls with bond investors on Monday as it looks to tap its only international bond for the second time.
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Chilean government-owned copper producer Corporación Nacional del Cobre de Chile (Chile) became the latest Latin American borrower to take advantage of rock-bottom bond yields to refinance existing debt at historically low yields.
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Bondholders overwhelmingly backed Suriname’s request for a debt standstill until at least the end of March, allowing the government to exit default. The sovereign is likely to use the payment holiday to begin negotiating a comprehensive debt restructuring.
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Standard & Poor’s cut Braskem Idesa’s credit rating from B+ to B on Friday, placing the rating on negative watch as the Mexican government’s termination of a gas transportation contract disrupted the polyethylene producer’s operations. The rating agency warned the company needs to address its gas supply shortage urgently, but some credit analysts eye a buying opportunity.
